Visit http://indiaer.blogspot.com/ for complete details �� ��
Media: Sun TV (SUTV.BO, Sell)
• Although growth to remain strong the prospects continue strong, increasing share of the lower margin business (12-15% vs. 75-80% in the core
television business) will impact margins negatively. We expect EBIT margins to contract by 300 bp over FY10-13E
• Current premium valuations (47% premium to Zee vs 2-yr median premium of 37%) price in an exceptionally strong growth scenario, leaving
little room for risks – leading to our Sell rating on the stock
No comments:
Post a Comment